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lshackett · Nov 16, 2006, 08:28 AM

My house is on the market and we need to sell before we lose it to foreclosure, how long do I have to try to sell it before we lose it? It is not official yet, but possible this month if we do not catch up on past payments. Any suggestions would be helpful. Thanks!

Dr D · Nov 16, 2006, 08:52 AM

If the Note is secured by a Deed of Trust, you should have a minimum of 90 days (in AZ) from the Notice Of Trustee Sale before it can be sold. If you have a Realty Mortgage, the rules are totally different, among the many differences, I believe that the lender must use a Judicial Foreclosure, which normaly takes much longer. I wish you the best.

lshackett · Nov 16, 2006, 09:18 AM

I do believe it is a Judicial Foreclosure, do you have any time frame on that??
Thank you for youe help !
Lisa

Dr D · Nov 16, 2006, 10:06 AM

Many states adopted the Deed of Trust, as a security instrument for real estate loans, because of it provided benefits to the lender as well as the borrower. I think that a Judicial Foreclosure might take 6 months or more, because of extra steps busy court calendars. In your state there might be an Equity of Redemption period following the foreclosure during which the lender could not dispose of the property, so as to give the borrower time to come up with the entire balance and redeem their house; just one of the reasons for the popularity of the Deed of Trust. Call the lender, or their attorney to find out where in the process you are.